Solana price downfall prolonged into Friday’s trading session, registering a 4% intraday loss to reach $136.5. The selling pressure in the altcoin market persists as Bitcoin price struggles to sustain above $60000. Will sellers strengthen their grip in the coming September?
Solana Price to Retest Key Support Amid Launch of Liquid Staking Tokens
The Solana ecosystem is seeing renewed interest in staking and re-staking activities, with major exchanges launching new liquid staking tokens to cater to growing demand. Recently, the crypto exchange ByBit announced the upcoming launch of bbSOL, a liquid staking token. This move allows users to stake SOL tokens on Bybit Web3 and receive bbSOL tokens in return.
Despite the announcement, the Solana price plunged below the 200-day Exponential moving average (EMA) on Thursday.
Liquid staking enables users to earn token rewards while helping platforms maintain liquidity, creating a mutually beneficial scenario. Stakers can leverage these reward tokens in other DeFi applications without needing to un-stake.
In addition to Bybit’s initiative, other prominent crypto exchanges like Binance and Bitget are likely to launch their own staking tokens, BGSOL and BNSOL, respectively. Introducing these tokens will promote staking participation in Solana Network, boosting its security and overall ecosystem health.
Thus, this development could have a long-term and gradual impact on Solana price rather than an immediate effect.
SOL Price Hints Immenint Rebound with Flag Formation
The Solana price, falling for six consecutive days, has plunged from $162 to $136, accounting for a 15.8% loss. The bearish turnaround signals the continuation of the sideways trend within a flag pattern of the daily chart.
Typically, the pattern drives a temporary consolidation between two trendlines for the prevailing trend to recuperate the bullish momentum. If the pattern holds true, the SOL price is poised for a 30% rally to $180 before the crucial breakout from the overhead trendline.
However, the relative strength index plunged 40%, indicating that sellers are the dominant force in the current market.
If the market correction persists, the Solana price prediction hints at a 10% fall to retest the $121 multi-month support, followed by the flag’s lower trendline.
The post Solana Price Targets $150 As Liquid Staking Tokens Bag Major Listings appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed